Capital Senior Living Corp. (NYSE:CSU) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 10:30 am ET

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Capital Senior Living Corp. (NYSE:CSU) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Capital Senior Living Second Quarter 2020 Earnings Release Conference Call. Today's conference is being recorded.

All statements today, which are not historical facts may be deemed to be forward-looking statements within the meaning of the federal securities law. These statements are made as of today's date and the company expressly disclaims any obligation to update these statements in the future. Actual results and performance may differ materially from forward-looking statements. Certain of these factors that could cause actual results to differ are detailed in the earnings release the company issued earlier today as well as in the reports the company files within the SEC from time to time, including the risk factors contained in the annual report on Form 10-K and quarterly reports on Form 10-Q. Please see today's press release for the full safe harbor statements, which may be found at capitalsenior.com/investor-relations and was furnished in an 8-K filing this morning.

Also, please note that during the call, the company will present non-GAAP financial measures. For reconciliations of each non-GAAP measures from the most comparable GAAP measure, please also see today's press release.

At this time, I would like to turn the call over to Capital Senior Living, President and Chief Executive Officer, Ms. Kimberly Lody. Please go ahead.

Executive
Kim Lody

Good morning, everyone. Thank you for joining us for Capital Senior Living's second quarter 2020 investor and analyst call. Joining me this morning is Carey Hendrickson, our Chief Financial Officer; and Brandon Ribar, our Chief Operating Officer.

First and foremost, I want to highlight and recognize our 6,000 plus employees who have continued to diligently and heroically care for our residents physical, cognitive and emotional well-being in the face of the COVID-19 pandemic. Their positive and profound impact each day on the lives of America's most vulnerable population is truly inspiring. As I mentioned on our first quarter call, we acted early and swiftly in the procurement of PPE, infection control systems, test kits and other supplies to fortify our reserves and ensure our preparedness for fighting COVID-19. We also expanded our existing comprehensive disease prevention protocols across our portfolio and implemented robust communication platforms to provide comprehensive operational and clinical support to our communities day and night.

I want to thank our Capital Senior Living team, our residents, their families, our vendors and industry partners for their relentless commitment to the safety and well-being of everyone in our communities. These efforts have helped us mitigate the clinical, operational and financial impacts of the pandemic, and today, our resident infection rate across the portfolio is well below 1%. As of this morning, 48 of our 10,000 residents have an active COVID diagnosis. Brandon will provide additional insights to our COVID-19 response.

Turning to our operating results. According to data published by NIC, occupancy for seniors' housing fell 280 basis points in the second quarter with the largest drop occurring in April and then lesser deteriorations in May and June. Our 118 same-store portfolio experienced a